Tybourne Capital Management

Tybourne Capital Management

Tybourne Capital Management was established in 2012 by Eashwar Krishnan, a former Lone Pine Capital analyst who had distinguished himself covering Asian technology and consumer stocks. Krishnan structured the firm from inception as a dual-strategy manager: a liquid, global long-short equity fund running a concentrated book of 25–35 names, paired with a dedicated private-growth vehicle for late-stage venture and pre-IPO rounds. The firm operates from Hong Kong with an additional presence in San Francisco, reflecting a dual-hemisphere sourcing model that bridges Silicon Valley innovation with Asian distribution and scaling. Krishnan's investment roots trace directly to Lone Pine's TMT-focused, fundamentally driven culture, and that DNA remains visible in Tybourne's emphasis on deep-dive research and concentrated positioning. The long-short public-equity strategy targets technology, media, telecom, and consumer internet globally, with a particular framing around platform businesses and network effects. On the private side, Tybourne concentrates on growth-stage and pre-IPO opportunities, often participating in rounds alongside Sequoia, Tiger Global, and DST Global. Publicly disclosed holdings confirm positions in names such as Snowflake, Affirm, and DoorDash, while private allocations have included companies like Razorpay and PharmEasy in India. The geographic spread covers North America, India, Southeast Asia, and Greater China, with the firm demonstrating willingness to pursue both developed-market software deployments and emerging-market consumer- internet scale-ups within the same portfolio. In May 2024, the firm promoted Vishesh Shrivastav to Managing Director and Head of Private Investments, consolidating leadership over the growth-equity book (per the firm's official communications). Tybourne does not publicly disclose AUM, but market estimates frame the firm's total assets between $2 billion and $5 billion, with the private-side allocation representing a steadily growing share of the overall portfolio. The firm maintains a relatively lean operation by hedge-fund industry standards, with investment decision-making concentrated in a small senior team rather than distributed across sector pods. Adjacent vehicles such as philanthropic foundations or operating-company holdings have not been publicly disclosed, and the firm does not offer a multi-family office service or co-investment club to external participants. Structurally, Tybourne's hybrid model of a concentrated TMT hedge fund fused with a private growth-equity vehicle remains uncommon among Asia-headquartered managers, where most peers run either fully liquid or fully private strategies. The dual-strategy architecture allows the firm to capture alpha from both the public-market mark-to-market environment and the private holding-period appreciation of pre-IPO companies, while avoiding the capital-call cycle tensions that plague dedicated venture funds. Krishnan's governance of the entire liquid-plus-illiquid portfolio under a single P&L creates a distinctive alignment mechanism: the long-short book's performance directly funds the firm's ability to write private-market growth checks, and the private gains eventually feed back into the liquid portfolio through IPO exits.